Exchange Traded Concepts LLC Sells 344,170 Shares of Bitdeer Technologies Group $BTDR

Key Points

• Exchange Traded Concepts LLC has significantly reduced its stake in Bitdeer Technologies Group, lowering its position by 49.7% in the second quarter, now holding approximately $4 million worth.
• Several institutional investors, including Goldman Sachs, have increased their positions in Bitdeer Technologies Group, indicating a shift in confidence from certain sectors of the market.
• Analysts have generally maintained a buy rating on Bitdeer Technologies Group, with a consensus price target of $20.80, but there have been varied opinions, including a downgrade from one firm.

Exchange Traded Concepts LLC lowered its position in shares of Bitdeer Technologies Group (NASDAQ:BTDR - Free Report) by 49.7% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 348,250 shares of the company's stock after selling 344,170 shares during the quarter. Exchange Traded Concepts LLC owned about 0.31% of Bitdeer Technologies Group worth $3,998,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Bitdeer Technologies Group by 167.6% during the first quarter. Goldman Sachs Group Inc. now owns 483,022 shares of the company's stock valued at $4,265,000 after buying an additional 302,548 shares in the last quarter. Vontobel Holding Ltd. bought a new position in Bitdeer Technologies Group in the 1st quarter worth approximately $227,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Bitdeer Technologies Group by 118.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,254 shares of the company's stock worth $1,327,000 after buying an additional 33,182 shares in the last quarter. SG Americas Securities LLC bought a new position in Bitdeer Technologies Group in the 1st quarter worth approximately $505,000. Finally, Deutsche Bank AG grew its holdings in Bitdeer Technologies Group by 198.3% in the 1st quarter. Deutsche Bank AG now owns 49,301 shares of the company's stock worth $435,000 after buying an additional 32,776 shares in the last quarter. Institutional investors and hedge funds own 22.25% of the company's stock.

Bitdeer Technologies Group Stock Down 6.8%

Shares of NASDAQ BTDR traded down $1.22 during mid-day trading on Tuesday, reaching $16.74. The company had a trading volume of 4,571,160 shares, compared to its average volume of 5,308,199. Bitdeer Technologies Group has a twelve month low of $6.61 and a twelve month high of $26.99. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.84 and a current ratio of 1.03. The stock has a market capitalization of $3.54 billion, a PE ratio of -3.55 and a beta of 2.23. The stock's 50 day moving average is $13.89 and its 200-day moving average is $12.27.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Rosenblatt Securities reissued a "buy" rating and issued a $20.00 price objective on shares of Bitdeer Technologies Group in a report on Monday, September 15th. B. Riley reiterated a "buy" rating on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Cantor Fitzgerald reiterated an "overweight" rating and set a $23.00 price objective on shares of Bitdeer Technologies Group in a research report on Friday, August 15th. Wall Street Zen downgraded Bitdeer Technologies Group from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Finally, Needham & Company LLC restated a "buy" rating and issued a $17.00 target price on shares of Bitdeer Technologies Group in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating and eleven have assigned a Buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $22.55.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.